WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement on the bill signing of S.2155, The Dodd-Frank Roll Back Bill. Brown, a leading and vocal opponent of the legislation, raised concerns that this bill does next to nothing for consumers, while scaling back protections for homeowners and putting taxpayers at risk of another bank bailout.
“Today, special interests win again. The President signed in to law a giveaway that loosens rules for the same big banks that helped crash the economy a decade ago, leaving Americans taxpayers responsible for a $239 billion bailout. Banks are making record profits and hardworking Americans shouldn’t have to pay for favors to Wall Street, foreign megabanks and their lobbyists.”
The Congressional Budget Office (CBO) estimated that S.2155 will increase the federal deficit by $671 million because of the increased risk that a systemically important financial institution – a Wall Street or global megabank -- will fail. The Federal Deposit Insurance Corporation (FDIC) reported Tuesday that banks’ net income hit a record high of $56 billion in the first quarter of 2018 – an increase of 27.5% over last year when including the recent tax bill. In total, bank profits are up by around 135% since the passage of Dodd-Frank.